Reichenbach Law located in
              Perrysburg Ohio takes consumer cases throughout northwest
              and west central Ohio.
Consumer protection attorney Greg Reichenbach works
                to protect consumers against unfair lending practices.
Call: 419- 529- 8300
Areas of Practice
Know Your Rights
   Lemon Law
   Illegal Faxes
   Truth in Lending Act
   Unfair Debt Collection
Enforcing Your Rights
Privacy Policy
Contact Information

Greg Reichenbach
Attorney at Law
P.O. Box 711
Perrysburg, OH 43552

Ph: 419-529-8300
Fax: 419-529-8310

Office hours Mon - Fri
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Truth in Lending Act

The purpose behind the federal Truth in Lending Act is to help ensure that consumers applying for a loan or credit card are informed of certain important information.

The law applies when a lender who regularly extends credit offers a consumer open-ended credit, such as a credit card, or closed-end credit. Closed-end credit is normally an agreement to pay for a purchase in the future, where there is either a finance charge or more than four payments. A common example is a "buy here, pay here" car loan.

For most consumer loans under $25,000, the lender must provide, in a conspicuous manner, the following information:

The amount financed
This is the amount of credit the lender is extending.
The finance charge
This is the amount the credit will cost. Usually the biggest part of the finance charge is interest.
The interest rate, expressed as an Annual Percentage Rate (APR)
The APR must be calculated according to certain formulas.
The total of payments
This is the total amount the consumer will pay over the course of the loan, including both the amount financed and the finance charge.
The payment schedule
This is a description of when the payments must be made, and the amount of each payment.
Any security interest the lender will obtain in the consumer's property
Examples include a mortgage or a lien on an automobile.

These disclosures, if required, must be provided to the consumer in a form he or she can keep, before the consumer signs the loan agreement.

If any required information is left out or inaccurate, beyond a small allowable margin of error, the consumer may be entitled to damages from the lender. If a consumer has been damaged by the violations, she or he can recover those actual damages. Also, the consumer may be able to recover statutory damages of two times the finance charge, with a minimum of $100 and a maximum of $1,000. If the consumer is successful in the lawsuit, the lender may have to pay the consumer's attorney fees.

Sometimes unscrupulous businesses will "hide" a finance charge, or disclose an APR that is inaccurate. If one disclosure is wrong, often other information is wrong as well. If you are unsure about information on your consumer finance agreement, contact an attorney.

Keep in mind that this is just general information about the Truth in Lending Act. There is much more to this area of the law. If you have a specific legal problem, or if you think you have a case, contact an attorney to see if she or he can represent you.

There are other laws designed to protect people from particular wrongful business practices.
Here are a few:

Lemon Law
Illegal Faxes
Truth in Lending Act
Unfair Debt Collection (FDCPA)

Get a
                                  print friendly version of the Truth in
                                  Lending article written by attorney
                                  Greg Reichenbach.

The information provided on this web site is provided for general information only. No attorney-client relationship is created with Mr. Reichenbach unless he specifically agrees to represent you. If you have a specific legal problem, contact an attorney.
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